Maybe Bitcoin (BTC) has already set a new “quasi-gold standard” for the world, or it goes up to a million or zero, believing that it is a well-known entrepreneurial capital in California.
Speaking to Pomp Podcast this week, Chamath Palihapitiya, CEO of Antorgan Pulpiano, co-founder of Morgan Creek Digital, a digital asset management firm, said he had always thought “intoxication didn’t always matter” was very much like Bitcoin. At what price does Bitcoin work? “It’s zero, or it’s millions,” he said.
He then got into an argument with Bitcoin about his “binary” views, saying that “what he will do is create a quasi-gold standard.”
“This will create an index, in addition to the fact that instead of owning gold, where gold is owned by central banks, it is a tool that has a value that determines its participants and among them, and it belongs to everyone. ”
However, Palihapitiya said that while Bitcoin could never be the same as gold, it could be considered a form of “gold 2.0”:
“It replaces the value-added method you need to make money,” said the well-known investor. However, he also stressed that the replacement of the fiat currency with bitcoin could occur only if the US dollar for some reason turns out to be a serious problem. (Learn more: QE will not cause hyperinflation, says world hyperinflation expert)
He has previously spoken of Bitcoin as a “shmuk insurance” in the hope that it will never be needed again, and now he admits that there is a better chance that “insurance” will work.
“But now, if the probability was 1% that it [insurance] would be worth it, unfortunately, the probability now is like 5% or 10%, and there is a real chance that by 2030, we will not be able to find a way out of our solution.” On the massive level of debt and unfinished pension obligations found around the world.
As previously reported, Chamath Palihapitiya is a lawyer who uses Bitcoin as part of any traditional investment portfolio, saying Bitcoin is a “fantastic hedge” and that everyone should invest 1% of it as “insurance under the mattress”.